Blockfolio, Coindesk, Trust Wallet, Binance, crypto has been erupting in the past few years and more so now in the African tech space, as more and more people get interested in buying, selling, and holding cryptocurrency, the issue of which marketplace to use arises.
I get this question a lot and I will answer it here. I personally use Binance as my main marketplace to trade cryptocurrency. Binance holds my main portfolio and has never disappointed me. However, there are cases where scammers manage to steal from users on Binance which you should know about. Read about them here.
Also Read: How Scammers Steal Your Crypto on Binance
However, I have been looking at other wallets which may offer better (Cheaper in my case) services as alternatives to Binance, and a few days ago while watching Logan Paul hug it out with Mayweather, I came upon Blockfolio.
Ps. This is not financial advice, duh! DYOR
What is Blockfolio
Blockfolio was founded back in 2014 and was worth a write on because of its absolutely impressive network for mobile cryptocurrency portfolio tracking and management.
Blockfolio allows you to see all of your blockchain assets at the same time, along with details on every digital coin. You can set up price alerts for more than 10,000 digital currencies so you’ll know when a particular cryptocurrency passes a particular threshold, and you can even check out the charts to look for technical trading patterns.
Blockfolio also offers the latest news stories from CoinDesk, Bitcoin Magazine, and other crypto-focused websites on the go to help with your trading patterns and strategies.
In terms of design, the app runs on a minimalistic beautifully modeled modern UI to make using the app smooth across the board.
While Blockfolio doesn’t necessarily call itself a marketplace, the app lets you buy crypto using fiat by use of credit/debit card, wire transfer, and sell via cryptocurrency transfer.
The app offers live global coverage with 300+ crypto exchanges (FTX, Coinbase Pro, Binance, Kraken, Bittrex, CryptoGo, Cryptopia, KuCoin, Poloniex, Bitstamp, GXChain, HitBTC, Bitfinex, Paxful, EtherDelta, BitMEX, YoBit, Bithumb, Coinmama, Huobi, etc.)
You can view and analyze crypto candlestick charts and real-time order book information for every crypto coin, compare altcoin prices with live crypto charts, set custom crypto price alerts to get notified immediately when prices move, and more just like on Binance.
One of my favorite feature on the app is the ability to add manual transactions of purchases on the app. This lets you simulate a real crypto trade (a kind of demo) and calculate how much profit or loss you would have made without spending money.
For instance, I added this transaction simulating a trade I purchased 0.005 BTC, and I can track and see whether I’d be making a profit or loss and by how much without using real money.
However, I found it weird that the app doesn’t show Profit/Losses (for each coin and total) on the portfolio view.
You can also automatically synchronize your Binance wallet(s) with your Blockfolio portfolio(s) for better tracking.
In terms of safety, Blockfolio lets you use a PIN lock to safeguard your crypto portfolio and also offers a “Hide Balances” feature for added privacy.
While the app will not replace Binance which has key features I use daily like indicators and P2P trading, I will use the two apps together to maximize both apps’ features while trading crypto.
If you’d like to use Blockfolio to trade Bitcoin, Doge, and other cryptos with zero fees on Blockfolio. Use this link to join and get a free coin when you trade $10 worth.